Longstanding Dutch brand Philips is leaving the consumer electronics industry to instead focus on medical equipment and lighting. The CE portion of the company was sold to Japanese manufacturer Funai Electric Co. for $201 million.

The 80-year-old company was an industry giant in the 1930s as a maker of radios, and over the years launched historic technologies such as the audio cassette in 1963 and the compact disc in 1983. It also had the misfortune of banking on beta-max and, more recently, failed to foresee the rising dominance of streaming internet entertainment.

“Since we have online entertainment, people do not buy Blu-ray and DVD players anymore,” CEO Frans van Houten told the Wall Street Journal.

According to TechCrunch, “the company saw a loss of $483 million which was double the loss in Q1 2011.”
via [Techcrunch]